Media Attention,Environmental Uncertainty And Total Factor Productivity

With the advancement of information technology and the popularization of the Internet,social networks,television,newspapers,and other mass media have developed rapidly.Media reporting and its supervisory power have become increasingly important for social development and economic life.As an important part of corporate external governance factors,the governance role of media is increasingly prominent,and its role as an external regulator is gradually recognized by experts and scholars.Therefore,how to improve the development of their total factor productivity has become a problem that many enterprises need to face,think about,and solve.At present,the market environment faced by enterprises is complex and diverse.Some foreign countries have positioned China as a "strategic competitor" and fought a trade war with us.In China,there is a once-in-a-century COVID-19 epidemic that has impacted the market economy.In this context,this paper will link the governance effect of media attention with the total factor productivity of enterprises,and introduce environmental uncertainty to examine the role of environmental uncertainty between the two,Using the A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 as research samples,this thesis empirically tests the impact mechanism of media attention on total factor productivity of listed companies.The research results show that:(1)Media attention is conducive to improving the competitiveness of enterprises and promoting their total factor productivity.(2)High environmental uncertainty can weaken the positive correlation between media attention and enterprise total factor productivity.Further research has found that:(3)Social responsibility is an important path for media attention to promote the improvement of enterprise total factor productivity.(4)Internal control plays a partial intermediary role between media attention and enterprise total factor productivity.(5)Independent research and development investment is also an important path for media attention to promote the improvement of enterprise total factor productivity.(6)Media attention and analyst follow-up play a complementary role in promoting enterprise total factor productivity.(7)Media attention has a significant positive correlation with the development of total factor productivity in both state-owned and non state-owned enterprise groups;Compared to non-state owned enterprises,state-owned enterprises have more resources and means to maintain normal daily business activities in response to environmental uncertainty,making media access to information more accurate and reliable than non-state owned enterprises.Media governance effects are not discounted,and they still exert external governance effectiveness,promoting the improvement of enterprise total factor productivity.(8)Compared to the political related group,the positive impact of media attention on the development of total factor productivity of enterprises is more significant in the non political related group;When dealing with environmental uncertainty,political affiliation is a valuable resource.Political affiliation can bring financing convenience to enterprises,help them reduce taxes,enhance their competitive advantage,and maintain or even improve their business management level.This helps the media obtain true and valuable information under environmental uncertainty,ensuring the effectiveness of media participation in governance,So as to ensure that the continuous improvement of enterprise total factor productivity is not affected.The research conclusions of this article enrich the research literature on media governance,provide a powerful reference for how to promote the improvement of the overall factors of enterprises,and provide empirical evidence for the capital market to correctly interpret the information content released by the media.